IIROC panel hearing scheduled for former RBC and Scotia representative accused of forgery and unauthorized trading
A top advisor, already facing disciplinary sanctions for alleged forgery, is scheduled to appear before an IIROC hearing panel this Friday under accusations of unauthorized trading.
Mark Steven Rotstein, a former RBC Dominion Securities and Scotia Capital representative, allegedly entered trades with at least two clients in May and June of 2012 without their knowledge or consent – just two months after disciplinary sanctions were imposed against him for alleged forgery. Rotstein lost his job at RBC DS and worked under strict conditions at Scotia, as a result of IIROC’s imposition.
While employed by RBC DS, Rotstein, with help from his assistant, allegedly signed account and investment-related documents – including fee schedules, risk disclosure and acknowledgement forms, account agreements, US tax certifications, transfer authorizations and private placement subscription forms – on behalf of his clients for more than a decade up until 2011. (continued on Page 2.)
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Rotstein is now accused of entering an order for $60,000 of Ontario Savings Bonds for one client without consent on June 12, 2012, and entering an order to purchase Just Energy Group Inc. convertible debenture for $19, 875 for another client without consent on May 7, 2012.
According to an IIROC hearing notice, the accused failed “to meet even the most basic requirement of an adviser, being to obtain client authorization before entering trades,” acted “in a manner unbecoming and detrimental to his clients’ interests, his dealer member’s interest and the public interest,” and disregarded the “most basic requirements of IIROC’s Dealer Member Rules.”
None of the allegations have been proven in court.
Rotstein is set to appear before the IIROC panel in Toronto on Friday at 10 a.m. when a date will be set for a disciplinary hearing.
